The search is still on for BofA's new leader, and things may have just become more complicated.
The bank sent out a feeler to William Demchak, senior vice chairman at PNC, who wasn't interested. A major reason? Ken Feinberg's required approval of the compensation package for the lucky person who takes over for Ken Lewis.
WSJ reports that "cash salaries paid to the highest-earning executives at the seven companies getting exceptional federal aid were capped at $500,000 for 2009." Without that restriction, more candidates would probably be game for the job.
Halloween may be long over, but Feinberg's specter could continue to haunt succession proceedings for a while. (WSJ
Hedge Fund CV (FINS)
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Hedgie Clones (The Deal)
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Pent Up IPO Demand (DealBook)
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Buying Up (FT)
will take full control of Cazenove, the London brokerage, before the end of the year. Plush buyouts are expected as a result.
Banking on Lobbying (Forbes)
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Return of the Oligarchs (Bloomberg)
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Scandinavian Paradox (Wealth-Bulletin)
Norway is the second richest country in the world, but few private banks have set up offices there. Are they afraid of the sunless winters?
What is John Paulson up to? (24/7WallSt)
He's investing in Citigroup
and pulling out of Goldman
-- a contrarion move. Then again, it's Paulson, so that's probably exactly what we should have predicted.
Bite Your Tongue (NYT)
Gossiping about co-workers is never a good idea, but one company actually forbids it. Who knew you could ban office politics?
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